Hammerson takes full control of Bullring and Grand Central

National World - LocalTV

Hammerson now fully owns the Bullring and Grand Central. We ask what that means for Birmingham's retail heart - and whether the city centre can adapt to changing times.

Transcript

00:01The Bullring has been bought outright.

00:04Hammerson now owns every inch of Birmingham's best-known shopping centre

00:08after a striking £319 million deal to take full control of both the Bullring and Grand Central.

00:15The property giant has held a 50% stake since 2015, but this move signals a shift.

00:21It's not just about rent, it's about vision.

00:24Hammerson is betting on the rebirth of the city centre.

00:27Footfalls up, sales are rising and new tenants are paying more than ever before.

00:33But the site's value is still nearly £1bn lower than it was a decade ago.

00:38That tells its own story about retail, about confidence and about the long road back.

00:44Part of the old John Lewis site at Grand Central still sits empty.

00:48Hammerson has permission to turn half of it into The Drum,

00:52an office-led development with a projected value of £100m.

00:56It's one of several projects aimed at making the city centre more than just a place to shop.

01:02Their wider strategy includes Montenu galleries,

01:05seven acres of land linking Bullring to the future HS2 station.

01:09Plans there include homes, offices and over a million square feet of commercial space.

01:15It's a corridor of control from New Street to Curzon Street with Hammerson holding the keys.

01:21But the bigger the landlord, the bigger the impact.

01:23Small traders could face rent hikes, public access may shift and the civic role of places like Grand Central is less clear than it once was.

01:32The Bullring has been central to Birmingham's identity for over 20 years.

01:37What happens next will help define the shape and the soul of the city centre for decades to come.

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